Kobo360 Explained

Kobo360
Type:Private
Founder:Obi Ozor and Ife Oyedele II
Area Served:Sub-Saharan Africa
Industry:Logistics services
Products:transport, clearing and forwarding, and warehousing services
Location City:Lagos, Nigeria
Location Country:Nigeria
Homepage:https://kobo360.com

Kobo360 is an African tech-enabled digital logistics platform, headquartered in Lagos and connects cargo owners to truck owners, with a physical presence in 6 African countries, including Nigeria, Ghana, Kenya, Burkina Faso, and Ivory Coast.

Kobo's mission is to simplify Africa's logistics and supply chain by making it more efficient through technology.

.[1] [2] [3] Its customers are mostly large multinationals and manufacturing and production companies.[4] Kobo360's platform matches cargo owners with truck owners to solve the delay faced in getting goods delivered on time.[5] [6] The company was founded by Obi Ozor and Ife Oyedele II. Kobo360 also has an app that enables users to carry out their activities easily.[7] [8] [9]

In 2019, Kobo360 had achieved product-market fit, and the company was rapidly expanding as a result of a $30 million equity and debt investment from Goldman Sachs, International Finance Corporation, TLcom Capital and other investors.

In an interview with TechCrunch, KOBO360 CEO, Obi Ozor [10] described the issues that arose as a result of the pandemic and the need to rethink strategy. He also discussed how the company dealt with them, as well as its current state of stable growth and sustainability.[11]

In March 2023, Kobo360 was listed among the "25 Rising African Tech Startups To Watch Out For In 2023" by African Folder.[12]

Funding and investments

Kobo360 raised $20 million in a Series A round headed by Goldman Sachs in 2019[13] and $10 million in working capital funding from Nigerian commercial banks.[14]

Kobo360 raised an additional $56 million in its series B round led by Afrexim Bank's equity arm - The Fund For Export Development in Africa (FEDA), with participation from existing investors.[15]

Awards and recognition

In 2019 the company was nominated as a Disrupter of the Year finalist at the Africa CEO Forum Awards.[16] In 2022, the company was adjudged the best E-Logistics Platform at The Digital Tech Awards.[17]

Leadership

In August, 2023, Cikü Mugambi, was announced as the new CEO, as Obi Ozor stepped aside following his political appointment.[18] [19] Fola Adeola, a seasoned entrepreneur and investor, was also appointed as the Chairman of the Board of Directors.https://techcabal.com/2023/08/18/ciku-mugambi-ceo-kobo360/

Notes and References

  1. Web site: March 3, 2021 . How logistics startups could make Africa’s largest free trade area work . March 25, 2023 . QZ.com.
  2. Web site: Jackson . Tom . 2020-05-29 . Founders of Nigerian logistics startup Kobo360 accepted into Endeavor network . 2023-02-11 . Disrupt Africa . en-GB.
  3. News: 2019-06-09 . Using tech to improve Africa's logistics industry . en-GB . BBC News . 2023-03-25.
  4. Web site: Kobo360: Africa's leading supply chain technology platform. . 2023-02-11 . Y Combinator . en.
  5. Web site: Kobo360 Moves to Improve Logistics Service with Technology – THISDAYLIVE . 2023-02-11 . www.thisdaylive.com.
  6. Web site: The Problem-solver . 2023-02-11 . www.ifc.org . en.
  7. Web site: Kehinde . Opeyemi . 2019-03-30 . Kobo360 launches global logistics app . 2023-02-11 . Daily Trust . en-GB.
  8. Web site: 2019-04-08 . Kobo360 launches logistics app . 2023-02-11 . Punch Newspapers . en-US.
  9. Web site: Gerretsen . Isabelle . 2020-04-16 . Trucking app Kobo360 wants to halve delivery times across Africa CNN Business . 2023-03-25 . CNN . en.
  10. Web site: 2021-03-12 . Kobo 360 CEO on what lies ahead for WEF’s Young Global Leaders . 2023-03-25 . CNBC Africa . en.
  11. Web site: What has KOBO360 been up to in the last 2 years?. Tech Crunch . 12 March 2023.
  12. Web site: 25 Rising African Tech Startups To Watch Out For In 2023. African Folder . 12 March 2023.
  13. Web site: 2019-08-14 . Nigeria's Kobo360 closes whopping $20m Series-A round led by Goldman Sachs . 2023-03-25 . Ventureburn . en-ZA.
  14. Web site: Bright . Jake . 2019-08-14 . Nigerian logistics startup Kobo360 raises $30M backed by Goldman Sachs . 2023-03-25 . TechCrunch . en-US.
  15. Web site: Kene-Okafor . Tage . 2022-09-14 . What has KOBO360 been up to in the last 2 years? . 2023-08-30 . TechCrunch . en-US.
  16. Web site: Anagor . Amaka . 2019-03-27 . Kobo360 logistics plans to expand business presence in Ghana, Kenya . 2023-05-31 . Businessday NG . en-US.
  17. Web site: [Kenya] KOBO360 wins Best E-Logistics Platform at the Digital Tech Awards 2022 ]. 2023-05-31 . Africa Business Communities . en.
  18. Web site: Michael . Chinwe . 2023-08-18 . From COO to CEO, Cikü Mugambi leads Kobo360 . 2023-09-09 . Businessday NG . en-US.
  19. Web site: 2023-08-18 . Cikü Mugambi replaces Obi Ozor as Kobo360 CEO as GTBank co-founder steps in as board chair . 2023-09-09 . en-US.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Kobo360".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.